Quick Summary
In a significant relief for taxpayers awaiting their income tax refunds, the Income Tax Department has announced a deadline of April 30 for the approval of pending refunds. This move comes amidst a flurry of activity within the department, with more than 46,000 income tax returns filed within the first five days of the Assessment Year 2024-25 portal opening on April 1. Notably, nearly 3,000 returns have already undergone processing, signaling a proactive approach by tax authorities. An offici
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FAQ :
The Income Tax Department has set April 30, 2024, as the deadline for approving all pending income tax refunds.
Priority is being given to refunds withheld under section 241A, especially where scrutiny assessments have concluded and necessary orders have been passed.
June 30 has been set as the deadline for disposing of penalties in at least half of the cases facing potential time-bar by March 31, 2025.
All pending applications for NIL or lower Tax Deducted at Source (TDS) / Tax Collected at Source (TCS) as of April 1, 2024, will be disposed of within one month of receipt. Fresh applications will also be processed within a month.
Orders are expected to be passed by June 30 in cases where TDS surveys were conducted up to March 31, 2024.
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